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of <h1>Late tax interest: must self-assess and pay from day after due date under Section 50; higher rate for wrongful ITC</h1> A taxpayer who fails to pay tax within the prescribed period must self-assess and pay interest for the period of delay at a rate (not exceeding 18%) notified by the government, calculated from the day after the tax became due. For supplies declared in a belated return filed after the due date, interest is payable only on the portion of tax discharged from the electronic cash ledger, except where assessment or adjudication proceedings had commenced. Wrongly availed or utilised input tax credit attracts higher interest (up to 24%) as notified, calculated as prescribed.
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